(RALEIGH, NC) – The Tory Burch Foundation Capital Program, powered by Bank of America, awarded $150,000 in grant funds to Carolina Small Business Development Fund (CSBDF) to provide women entrepreneurs with affordable capital and technical assistance to grow their business. This new grant is in addition to the $2.5 million in loan capital that Bank of America has already provided.
“We’re excited about increasing our impact and providing this opportunity for women entrepreneurs across the state. These funds allow us to help women business owners, who are critical to strengthening our economy and in helping their local communities thrive,” said Lenwood V. Long, Sr., President/CEO of CSBDF.
Launched in 2014, the Tory Burch Foundation Capital Program is a partnership between Bank of America and the Tory Burch Foundation that aims to increase the number and size of businesses owned and led by women. This, in turn, increases entrepreneurship opportunities for women business owners across the state of North Carolina. The program helps women entrepreneurs who are eligible to receive a 2% reduction in the interest rate of their approved loan, and is designed for women-owned businesses already operating and generating revenues, with a satisfactory credit rating, and at least two years in business.
“Access to capital is one of the biggest obstacles women entrepreneurs face,” says Laurie Fabiano, President of the Tory Burch Foundation. “Just $1 in every $23 loan dollars are given to women owned business. Through our partnership we are helping to level the playing field for women.”
For nearly 27 years, CSBDF has been at the forefront of economic development in North Carolina by helping underserved women entrepreneurs access capital and technical assistance. In July 2014, CSBDF launched its Western Women’s Business Center (WWBC) located in Asheville, NC. The WWBC provides capital, high quality technical assistance, and programs that reduce barriers and serve as a catalyst to the success of women entrepreneurs in Western North Carolina. Just recently in August 2017, CSBDF announced the opening of the Eastern Women’s Business Center in partnership with the Elizabeth City State University located in Elizabeth City, NC to serve women entrepreneurs by providing capital and technical assistance in the area. CSBDF will be reaching out to women entrepreneurs through both of its Women Business Centers, as well as other organizations serving women entrepreneurs in the area.
“When we invest in women entrepreneurs, it benefits the economy and communities where they live and work, helping advance economic mobility,” said Andrea Smith, Chief Administrative Officer for Bank of America.
As a long-time supporter of CSBDF, Bank of America has provided more than $2 million in capital and grants that CSBDF has deployed to help small businesses access capital and education resources to help grow their businesses, promoting jobs and economic development in low-and moderate-income communities.
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About Carolina Small Business Development Fund
Carolina Small Business Development Fund, previously known as The Support Center, has a mission to foster economic development in underserved communities by providing capital, business services, and policy research to support small businesses. Since 2010, CSBDF has invested more than $39.3 million through 551 loans to small businesses across North Carolina helping to create or retain more than 1,754 jobs. For more information, please visit www.carolinasmallbusiness.org.
About Tory Burch Foundation
The Tory Burch Foundation empowers women entrepreneurs by providing access to capital, education and digital resources: the Fellows Program provides ten Fellows annually with support to grow their businesses; the Tory Burch Capital Program, powered by Bank of America has distributed $25 million dollars in loans to 1,000 women entrepreneurs; more than 140 women have completed an in-depth business education course through the Tory Burch Foundation cohort of Goldman Sachs 10,000 Small Businesses Education Program; and the Foundation’s website, www.ToryBurchFoundation.org, is a go-to destination for women entrepreneurs. The Foundation’s global initiative #EmbraceAmbition launched in March 2017, encouraging women everywhere to own their power, their drive and their dreams.
In the past year, the Foundation provided online tools and digital education to more than 200,000 women entrepreneurs and more than 10,000 women created their business plans on ToryBurchFoundation.org.
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